I discovered what is needed with Moodle 1.9.6+ and IIS to get rid of the Networking / Settings error 'New public key' generated when trying to turn Networking on for mahara integration.
(Hopefully I have enough keywords nearby in there to help people find this easier than we did. heh)
Make sure you've upgraded to the latest version. You can see in the source code for the SSL implementation that there's new code in there to check for a moodle config variable. Yet this variable is not mentioned in config.dist yet.
Note that this is only pertinent to Windows installations.
$CFG->opensslcnf = 'C:\path\to\openssl.cnf';
which is probably:
This should probably be added with a comment to the config.dist file.